Greenfire Resources Ltd. (NYSE:GFR – Get Free Report) shares shot up 4.2% during trading on Tuesday . The stock traded as high as $6.84 and last traded at $6.8980. 40,272 shares were traded during mid-day trading, a decline of 87% from the average session volume of 320,316 shares. The stock had previously closed at $6.62.
Analysts Set New Price Targets
A number of research firms recently weighed in on GFR. Royal Bank Of Canada began coverage on shares of Greenfire Resources in a research note on Monday, July 6th. They issued a “hold” rating for the company. BMO Capital Markets raised Greenfire Resources from a “market perform” rating to an “outperform” rating and set a $11.50 price target for the company in a report on Wednesday, August 5th. Weiss Ratings reiterated a “sell (d)” rating on shares of Greenfire Resources in a research report on Thursday, August 13th. Finally, TD Securities upgraded Greenfire Resources to a “strong-buy” rating in a research report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.50.
Check Out Our Latest Analysis on GFR
Greenfire Resources Price Performance
Greenfire Resources (NYSE:GFR – Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.30. Greenfire Resources had a negative net margin of 6.36% and a negative return on equity of 3.50%. The business had revenue of $123.86 million for the quarter, compared to analyst estimates of $107.41 million.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in GFR. Moerus Capital Management LLC boosted its stake in Greenfire Resources by 37.9% during the first quarter. Moerus Capital Management LLC now owns 2,335,804 shares of the company’s stock valued at $14,838,000 after buying an additional 642,312 shares during the period. K2 Principal Fund L.P. increased its stake in Greenfire Resources by 88.8% in the 4th quarter. K2 Principal Fund L.P. now owns 845,285 shares of the company’s stock worth $4,024,000 after acquiring an additional 397,685 shares during the last quarter. Saber Capital Managment LLC purchased a new stake in shares of Greenfire Resources in the 4th quarter valued at about $3,270,000. UBS Group AG raised its holdings in shares of Greenfire Resources by 7.3% in the 4th quarter. UBS Group AG now owns 652,017 shares of the company’s stock valued at $3,104,000 after acquiring an additional 44,598 shares in the last quarter. Finally, Aegis Financial Corp boosted its position in shares of Greenfire Resources by 133.1% during the 1st quarter. Aegis Financial Corp now owns 417,548 shares of the company’s stock valued at $2,639,000 after acquiring an additional 238,417 shares during the last quarter. Institutional investors own 88.89% of the company’s stock.
Greenfire Resources Company Profile
Greenfire Resources Ltd. (NYSE: GFR) is a Canadian energy company focused on the development and production of bitumen from the Athabasca oil sands in Alberta, Canada. The company’s operations are centered on thermal oil sands projects that use steam-assisted gravity drainage (SAGD) technology to recover bitumen from underground reservoirs.
Greenfire’s principal assets include the Hangingstone Expansion and Hangingstone Demonstration projects, located south of Fort McMurray, Alberta. The company operates its facilities and produces bitumen, which can be transported to market for upgrading or refining into crude oil and other petroleum products.
The company has historically focused on advancing oil sands assets with established infrastructure and production potential.
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